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Financial News: Greece Current Account Deficit Narrows Sharply

Greece Current Account Deficit Narrows Sharply

03/23/2017 - 06:50:00 (RTTNews)

(RTTNews) - Greece's current account gap narrowed notably at the start of the year, mainly due to an improvement in the primary and the secondary income account, figures from the Bank of Greece showed Thursday.

The current account deficit fell to EUR 271.1 million in January from EUR 771.4 million in the corresponding month last year.

The deficit on goods trade widened to EUR 1.4 billion January from EUR 1.1 billion a year ago. At the same time, the services trade surplus rose to EUR 331.7 million from EUR 237.0 million.

The primary income surplus grew sharply to EUR 649.9 million from EUR 140.6 Million. The secondary income balance turned to a surplus of EUR 208.1 million from a deficit of EUR 10.0 million.

The capital account showed a surplus of EUR 40.4 million in January, down from EUR 388.1 million a year ago. On the other side, the financial account deficit increased to EUR 246.4 million from EUR 179.1 million.

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